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C
crhite
February 3, 2020
Question

How to match an invoice with a deposited payment?

  • February 3, 2020
  • 1 reply
  • 10 views
I invoiced a customer who paid via QuickBooks bank transfer.  When I updated the bank account, the cleared deposit appeared and I did not match it, but mistakenly added it as sales income.  This resulted in a doubling in my register of the amount so I deleted one of the duplicated deposit entries and now the invoice shows as paid, but not deposited (but I have the money in my account).  How can I fix this?

    1 reply

    C
    Catherine_B
    Level 9
    February 3, 2020

    I can help you fix in matching your transactions, crhite.

     

    We can delete the manually created deposit and then undo the one from your banking. This way, we can avoid duplicates and the invoice will show as paid and the payment is already deposited.

     

    Here’s how to delete:

    1. Go to the Accounting menu and click Chart of Accounts.
    2. Locate and click the View register of your bank.
    3. Click the manually created Deposit and select Delete.
    4. Select OK to confirm.

    Undo the added Deposit from the Banking page:

    1. From the Banking menu, click the bank where the deposit came from.
    2. Select the Reviewed tab, and look for the deposit.
    3. Click Undo under the ACTION column.

    After deleting or resetting the deposits, we’ll match the invoice that was already paid to the cleared deposit from the Banking page.

    1. Still from the Banking page, select the bank and look for the deposit in For Review.
    2. Click the deposit and select Find match.
    3. Filter the Date range that includes the date when the invoice payment was created.
    4. Check the Payment and then click Save.

    Once categorizing your transactions, you might want to reconcile your account. If you need more help, please leave a reply below. I got you!

      C
      crhiteAuthor
      February 3, 2020

      Thx Catherine_B.  That all worked!  However, the amount appears in my register as Undeposited Funds though the invoice now shows as deposited.  When I click on the deposit transaction in the register, the ability to recategorize the deposit as "Sales" is grayed out.  When I then choose Edit, it brings up the original invoice.  I'm caught in a loop :)   Assume this is fixable as well?  Appreciate you help.  

      E
      Emily M
      February 4, 2020

      Thanks for getting back in touch, @crhite.

       

      When payments come through QuickBooks and are attached to an invoice, it’ll show in Undeposited Funds. What this means, the UF holds customers' payments in QuickBooks until you deposit them at your real-life bank. Then you can combine these payments into a single record so QB matches what’s in your bank. 

       

      Undeposited Funds serves as the default Deposit To account when you receive payments through Invoices. 

       

      Here’s how to record bank deposits:

      1. After you’ve sent your invoice and received the payment into your UF account, you’ll want to go to the + New icon and choose Bank Deposit.
      2. Find the payments included in the deposit.
      3. Deposit the payments on the Bank Deposit screen exactly as they appear on your bank records (since you have one payment, pick only that payment).

       

      For more in-depth information you can check out these awesome links:

       

      Download, Match and Categorize your Bank Transactions.

      How to Use the Undeposited Funds Account to Receive Payments.

      How to Record Bank Deposits.

       

      Let me know if you have other questions, I’m here to help anytime. Bye for now.

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